VISUAL EDGE TECHNOLOGY INC. SECURES $18.5 MILLION FINANCING
North Canton, Ohio, September 12, 2005. Visual Edge Technology Inc. (VisualEdge) announced today that it has arranged $18,500,000 of debt and equity financing from a highly respected team of capital providers, creating a solid financing partnership to support its active acquisitions of top-performing companies in the office copier and wide format reprographics industries.
“We are very
pleased to partner with two premiere middle market lenders, PNC Bank
and Gladstone Capital, providing capital for our strategic growth both
now and in the future. We are building on the solid foundation of equity
sponsorship provided by longtime supporters New Enterprise Associates
and Parker Price Capital.” said Ron Huff, CFO of VisualEdge.
PNC Bank provided a $12,000,000 revolving and term loan facility and Gladstone Capital provided $5,000,000 in subordinated notes. Equity financing was provided by New Enterprise Associates and Parker Price Capital, VisualEdge’s continuing equity sponsors. Proceeds were used to fund the recently announced acquisition of Copeco, Inc., refinance various credit facilities and provide expanded working capital. VisualEdge companies generate approximately $45 Million in annual revenue.
This funding leverages VisualEdge’s strategic goal to acquire well-managed companies distributing leading-edge, office and wide format imaging technology solutions in core and satellite markets. On September 2, 2005 VisualEdge acquired Copeco, a leading Northeast Ohio dealer of Sharp and Ricoh office copiers. Other top industry performers that VisualEdge has acquired include its subsidiary Graphic Enterprises Inc. (GEI), which consists of GEI CalGraph, a premier North American service provider, GEI Office Solutions, a leading reseller of Konica-Minolta, Kyocera, and Muratec equipment serving Northeast Ohio and GEI Wide Format Solutions which operates across all of North America and markets its own products and those sourced from major manufacturers. GEI is the master distributor for the Kyocera wide format line and Colortrac SmartLF scanners.
Visual Edge Technology has successfully acquired leading companies in the distribution and service of office and wide format imaging solutions in North America. These strategic acquisitions, combined with solid internal growth of the wholly-owned subsidiaries, have created consistent, profitable growth for VisualEdge over the past two years.
Mark C. Lewis, CEO,
800-321-9874 ext 225